Quote:
Originally Posted by lrathi
I think most of us are looking for some confirmation indicator to check trend along with ASHFXv2. Your indicator uses macd,Ema and str which are common and useful when they all line up to see the higher trend. I personally would love to see the WEEKLY and Monthly TF put on this indicator.
There are now three other trend indicators mentioned on this thread shared kindly by three different traders. If you put any of these or all three, you will see easily that the daily trend is UP.
Use your support & resistance indicator( very commonly used by many traders) on the daily chart and draw a line on R&S. So when you go tho lower TF(4h) in your case, you can see the daily S&R coming up. I use fib levels alot but also horizontal lines and trend lines. There is a link on this thread given kindly by ASh to learn fibonacci.
I have a daily chart with my fib studies. I look for fib clusters and I find there is one coming in the ZONE of 1.3855 to 1.3930.
One the 4h chart this present Ashfxv2 signal turned at the 38% fib level.This is a good level to enter Long seeing the daily trend is up. However, when you entered the daily stochastic is OB and looking down. This is mixed message for me, I would have stayed out of trade at this stage. I would wait for a 123 pattern on the 4h chart and then enter. I am a conservative trader. The 4 h stochastastic on my chart looks OB indicating mixed messages too.
Please take note, while FXDD is the broker platform to use for ASHFXv2 signals, I use IBFX so my arrows will differ from your chart.
I hope this helps.
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If you want you can switch the indicator 1, 5 or 30 minute to the weekly or monthly.
I saw what you meant on the Daily with the OB on the stochastic.
Should I be working with the 4 hour and daily in order to make the trade.
My understanding was to work with one or the other because you could pick up a retracement better on the 4 hour. Question is should I have comfirmation set-up on both?
Thanks again,
cwave
Here's that indicator:
Signal_Bars_v71.ex4